Figures revealed by the Myanmar Investment Commission (MIC) show a rise in foreign direct investment (FDI) for the first time in two years. Singapore was revealed as the biggest backer, according to an article in the Myanmar Times. The figures show that between October 1, 2018 and March 15, 2019, Myanmar saw USD 1.9 billion in approved FDI. This is and increase from USD 1.3 billion a year earlier. “In regard to FDI, we hope that ASEAN nations, Japan, China, Republic of Korea, Hong Kong, Taiwan and also India will put out more investment into our country,” U Aung Naing Oo, secretary of the MIC and director general of the Directorate of Investment and Company Administration (DICA) was quoted as saying. He added that garments, electric assembly and food processing were attracting particular interest from foreign companies. The article also said that Singapore had overtaken China as the biggest foreign investor in Myanmar. This was aided by the opening of a USD 310 million power plant in Myingyan by Singapore-based Sembcorp Industries.